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Need help drawing a representation of the functions Question [2]: Let us look at a simple example of a rm with a shutdown decision. Suppose

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Need help drawing a representation of the functions

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Question [2]: Let us look at a simple example of a rm with a shutdown decision. Suppose there is one output 9 produced from 1 input I. Let output price be p and input price be m. Technology is given by the function 0 mm = I: 3' } {Vii1 mgr o Derive the lm's labour demand, supply, and prot function. - Draw representations of these functions. - Derive the lm's oonditional labour demand function and the cost function. I Now state the prot maximization problem using the Cost function from the previous step, and solve. a Do both approaches provide the same answer for output and prot

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